The seller had acquired the complex in 2008 for $2.7 million from CP DB Housing Partners IV.

Built in 1973, the Class D apartments sit on 9.6 acres at the southwest corner of Ridgemont Avenue and New Allen Road. The Shelby County Assessor of Property’s 2013 appraisal is $2 million.

In conjunction with the purchase, Keystone Landing Apartments filed a $3.5 million multifamily deed of trust, assignment of leases and rent, security agreement and fixture filing through Arbor Commercial Funding LLC.

Nitinkumar Patel of Knoxville bought the 1.2-acre parking lot, which is operated by Central Parking, in a Sept. 11 warranty deed from 235 Partners, a general partnership composed of Laurence Bloch and Joseph F. Canepari Jr.

The parcel is at the southwest corner of Union and South Fourth Street; its 2013 appraisal is $747,200, according to the Shelby County Assessor of Property.